Welcome to our dedicated page for US Enrgy news (Ticker: USEG), a resource for investors and traders seeking the latest updates and insights on US Enrgy stock.
US Energy Corp (USEG) provides investors and industry observers with timely updates through this centralized news hub. Track official announcements, operational developments, and strategic initiatives from the Houston-based energy company focused on oil and gas properties in South Texas and North Dakota's Williston Basin.
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U.S. Energy Corp. (NASDAQ: USEG) has completed the sale of its East Texas assets for $6.825 million in cash. The divested assets produced approximately 1.0 million cubic feet per day of natural gas and 149 barrels of oil per day during Q3 2024. The transaction, which closed on December 31, 2024, has an effective date of November 1, 2024.
The company plans to use the proceeds to fund the development of its industrial gas project in Montana, marking a strategic shift towards becoming a leading industrial gas company. The sale strengthens U.S. Energy's balance sheet and provides increased liquidity for future growth initiatives.
U.S. Energy Corp (NASDAQ: USEG) has executed a definitive agreement to sell its East Texas assets for $6.825 million in cash. The divested assets, comprising 122 wells in Anderson, Chambers, Henderson, and Liberty Counties, produced approximately 1.1 million cubic feet per day of natural gas and 168 barrels of oil per day, generating monthly net cash flow of $136,000 during Q3 2024.
The transaction, effective November 1, 2024, is expected to close by December 31, 2024. Proceeds will fund the development of the company's industrial gas project in Montana. Management views this as a strategic move to enhance liquidity, strengthen the balance sheet, and streamline operations by exiting a non-core geographic region.
U.S. Energy Corp (NASDAQ: USEG) has announced its participation in the upcoming Emerging Growth Conference on December 4, 2024. The company's President and CEO, Ryan Smith, will deliver a company overview during a 30-minute interactive presentation starting at 10:50 a.m. Eastern Time. The live online event offers individual and institutional investors, advisors, and analysts the opportunity to interact with company leadership and ask questions, which can be submitted in advance to Questions@EmergingGrowth.com.
U.S. Energy Corp (NASDAQ: USEG) reported its Q3 2024 financial results, highlighting significant strategic developments. The company initiated drilling operations on its first industrial gas well, confirming helium concentrations up to 1.5%. Key financial achievements include the divestiture of South Texas properties for $6.5M and Kansas properties for $1.2M, becoming debt-free after fully repaying its credit facility. Q3 production averaged 1,149 Boe/d (58% oil), with Adjusted EBITDA of $1.8M. The company continued its share repurchase program, buying back 0.9M shares at an average price of $1.17.
U.S. Energy (NASDAQ: USEG) has announced it will release its third quarter 2024 financial results before market opening on Tuesday, November 12, 2024. The company will host a conference call at 9:00 a.m. ET/8:00 a.m. CT on the same day to discuss the results and conduct a Q&A session. A webcast will be available on the company's website, with the teleconference replay accessible through November 26, 2024. U.S. Energy Corp focuses on developing energy and industrial gas assets in the United States while maintaining shareholder returns and reducing its carbon footprint.
U.S. Energy Corp (NASDAQ: USEG) announced a significant helium discovery from its initial well drilling operations in Montana. Independent laboratory results confirmed high-quality, non-hydrocarbon-based helium with concentrations up to 1.5%. The discovery was made in multiple zones, with highest concentrations in nitrogen-based formations and additional findings in CO2-based formations. The company plans to conduct extended flow tests in Q4 2024 and begin drilling multiple additional wells in Q1 2025. The project was completed under budget, and the company expects to book proved reserves in its year-end 2024 report.
U.S. Energy (NASDAQ: USEG) announced on October 11, 2024, that it has regained full compliance with Nasdaq listing standards. The company received a notification letter from Nasdaq on October 10, 2024, confirming its compliance with the minimum bid price rule and all applicable listing standards. Ryan Smith, CEO of U.S. Energy, expressed satisfaction with the development, highlighting the company's recent industrial gas transaction, development program initiation, debt-free balance sheet, and active share buyback program. He stated that these factors position the company well for entering 2025 with financial strength and operational runway to continue its disciplined capital allocation strategy, drive growth, and enhance shareholder value.
U.S. Energy (NASDAQ: USEG) has announced several significant developments:
1. Debt-free status: The company has repaid its entire outstanding credit facility balance.
2. Kevin Dome development: Commenced a program in Northwest Montana targeting helium and other industrial gases.
3. Resource estimates: A third-party report indicates mid-point helium estimates of 23.7 BCF (contingent) and 13.3 BCF (prospective).
4. Hydrocarbon reserves: 3.5 Mmboe (100% PDP, 62% oil) with a PV-10 of $50.9 million.
5. Share repurchase: Approximately 0.8 million shares (3% of outstanding) repurchased to date.
6. Liquidity: Approximately $22.0 million available.
The company aims to become a leading integrated gas company, focusing on helium, carbon sequestration, and other industrial gases.
U.S. Energy Corp (NASDAQ: USEG) has announced its participation in the Emerging Growth Conference on September 25, 2024. The company, which focuses on operating a portfolio of high-quality producing assets, will present at 9:05 a.m. Eastern Time for 30 minutes. President and CEO Ryan Smith will deliver a company overview and engage in an interactive session with investors, advisors, and analysts.
This live, online event offers existing shareholders and the investment community an opportunity to interact directly with the company leadership. Attendees are encouraged to submit questions in advance to Questions@EmergingGrowth.com. Interested parties can register for the conference and receive updates related to U.S. Energy's presentation through the provided registration link.
U.S. Energy Corp (NASDAQ: USEG) reported financial results for Q2 2024. Key highlights include:
- Acquisition of 140,000 net acres for helium and industrial gas development in Montana
- Net daily production of 1,221 Boe/d (64% oil)
- Revenue of $6.0 million (90% oil sales)
- Adjusted EBITDA of $1.1 million
- Mid-year oil and gas reserves of 3.5 Mboe with PV-10 value of $50.9 million
- Subsequent divestiture of South Texas properties for $6.5 million
The company closed a significant acquisition in Montana, focusing on helium and industrial gas development. Post-quarter, USEG divested South Texas assets, using proceeds for debt reduction and asset development. The company now has a net debt-free position with $20 million in available liquidity.
